Data released by the London Metal Exchange (LME) showed that LME copper inventories continued to accumulate overall last week, with the latest inventory level reaching 128,475 mt, hitting a one-and-a-half-month high.
The latest data released by the Shanghai Futures Exchange showed that during the week of July 25, SHFE copper inventories pulled back, with weekly inventories decreasing by 13.17% to 73,423 mt, hitting a nearly seven-month low. International copper inventories held steady at 11,616 mt.
Last week, COMEX copper inventories continued to accumulate, with the latest inventory level reaching 248,635 mt, hitting a new high in over seven years.
Note: Generally speaking, a continuous decline in inventories at domestic and overseas exchanges will support futures prices, while the opposite will have a bearish impact on futures prices.
Comparison of Copper Inventories at the Three Major Exchanges Since 2023
The following are copper inventory data at the three major exchanges since July 2025: (Unit: mt)
